Sonata Software – International Services Revenue grew by 4.6% QoQ (40% YoY) in USD, and Domestic Gross Contribution grew by 16.5% YoY in INR

 

Board approved 1:1 bonus issue and interim dividend of Rs 7 per share.

Consolidated PAT for Q2 FY 23-24 grew by 3% QoQ.

 

Mumbai, October 25, 2023: Sonata Software, a global IT services and technology solutions company, today reported its unaudited financial results for its 2^nd quarter ended 30^th September 2023.

Speaking on the quarterly results Samir Dhir, MD & CEO of Sonata Software Ltd. said: “We are proud and excited to deliver yet another quarter of Industry-leading growth, despite the macro geo-political issues, economic challenges, and slowdown in tech-spending. Our International services Revenue in USD terms grew 4.6% QoQ. Consolidated PAT for Q2’24 grew 3.4% QoQ. We won our first multi-year AI-enabled business transformation large deal – powered by Sonata’s Harmoni.AI.”

 

 

Speaking on the results Sujit Mohanty, MD & CEO of Sonata Information Technology Ltd. said: “Our domestic products division delivered a good performance during this quarter. Our Gross Contribution grew by 1 % QoQ and 16.5 % YoY. Our Q2 PAT grew by 19% YoY. We successfully renewed all our large multiyear software contracts with our key customers. We will continue focusing on our Multi-Cloud Management offerings and System Integration business to drive future growth.”

 

 

Performance Highlights for the quarter:                                                                                              

• Consolidated: 
• Revenues at Rs 1,912.6 crores; YoY growth of 28%
• EBITDA at Rs 220.5 crores; YoY growth of 33%
• PAT at Rs 124.2 crores; YoY growth of 10%
• Net Cash and equivalents of approximately Rs 267 Crores (net of borrowings).
• DSO improved to 40 days (Q1’24: 41 days).

 

• International IT Services: 
• Revenues at Rs 670.0 crores; YoY growth of 46%
• Revenue in USD at 80.9 Million, QoQ revenue growth of 4.6% & YoY 40.0% in USD terms,
• EBITDA at Rs 165.0 crores; YoY growth of 38%
• PAT at Rs 83.7 crores; YoY growth of 7%
• DSO improved to 45 days (Q1’24: 46 days)
• Four New customer added during the quarter
• Overall strategy of delivering outcome-based Modernization services using our Domain-Led and technology-based Modernization anchored by GTMs executed through Platformation
• Strong growth from digital based competencies like Managed cloud services and Digital Platformation^TM Services (Microsoft & Open source) and focused verticals like TMT, Healthcare & Life Sciences, Manufacturing, Retail / CPG/ TTH, BFSI and Emerging.
• Our pipeline continues to be healthy and strong through multiple new digital wins from existing and new

customers.

 

• Domestic Products & Services: 
• Revenues at Rs 1,244.0 crores; YoY growth of 20%
• Gross contribution at Rs 62.4 Crs grew by 16.5% YoY.
• EBITDA at Rs 56.4 crores; YoY growth of 20%
• PAT at Rs 40.5 crores; YoY growth of 19%
• DSO improved to 35 days (Q1’24: 36 days)